Economic Systems: Meaning, Types

What is Economic System? An economic system can be referred to as a system that encompasses the methods of production, distribution and exchange of goods and services (excluding their consumption). The different economic systems differ on the basis of means of establishment of ownership. An economic system is an organized way wherein a country allocates

Business Ethics and Values: Features, Objectives, Advantages, Important Values

What is Business Ethics? Ethics are a set of principles that help in differentiating between what is morally right and what is morally wrong. Business ethics and values are the moral principles that a business uses in daily transactions. They help to prevent ethical issues that may arise in the day-to-day running of operations, such

Service Sector in Business Environment

What is Service Sector? The service sector is the producer of services (intangible goods) instead of goods. It includes various types of services are as follows: The service sector is also known as the third tier or tertiary sector in an economy. Allan Fisher, Colin Clark, and Jean Fourastié proposed three sectors of an economy.

Workers Participation in Management: Levels of Workers, Industrial Relations and Disputes

What is the need of workers participation in management? In this article, we will be going through the basic concept of worker participation and industrial relations and disputes that is only possible when labourers are experienced and educated to understand the changing technological comes; dynamics and complex business systems. And we will also be going

Socio-cultural Environment: Meaning, and Factors Affecting Socio-cultural Environment

What is a Socio-cultural Environment? The socio-cultural environment is referred to as the social system as well as the culture of the people. the socio-cultural environment includes social customs, values, codes of conduct, beliefs, traditions, etc. Every business is influenced by the socio-cultural environment; therefore, it is essential to examine the environment and make strategies

Legal Environment: Meaning, and Acts Influencing the Legal Environment of Business

What is Legal Environment in Business? The legal environment in business is a code of conduct that defines the boundaries of business within a legal jurisdiction. The law has been meant to mean different things at different periods. Acts Influencing the Legal Environment of Business These are the following acts influencing the legal environment of

Introduction to Environmental Screening and Business Environmental Analysis

In this article, we will study the meaning of environmental screening and the methods for effective environmental screening. And we will also study the business environment analysis and its components and the process of business environmental analysis. What is Environmental Screening? The term, ‘screening’ means the process of evaluation or assessment of anything with the

Social Audit: Meaning, Objectives, and Methods

What is Social Audit

What is Social Audit? The term ‘social audit’ may be explained in several ways. As far as common understanding goes, it is an important assessment of how well a company has discharged its social obligations. However, experts see it as a systematic and comprehensive evaluation of a company’s social performance’ which is explained as a